Nevertheless, the firm added that it remains confident enough to expand further in the country, with new stores opening in Houston and Los Angeles during the period.

In the UK, since the Brexit vote triggered the pound’s collapse, retailers have been grappling with a double whammy of rising import costs for goods and rapidly deteriorating consumer confidence.

Inflation is outstripping wage growth and hard-pressed shoppers are cutting back on spending.

But in January, Mr Kelvin vowed shoppers will not be subjected to price hikes this year with the combination of hedging against currency fluctuations and a dollar-denominated income from its US operations helping to mitigate the collapse in sterling following the Brexit vote.

Ahead of last year’s referendum, Ted Baker extended its hedging arrangements to April 2018, giving it an extra breathing space compared to other retailers.